Oman grants non-Omanis Usufruct Rights to buy residential units

Oman grants non-Omanis Usufruct Rights to buy residential units

Oman's Ministry of Housing and Urban Planning has issued a decision granting non-Omanis usufruct rights to own limited lands and properties within multistorey buildings dedicated to commercial and residential purposes at some sites in the Governorate of Muscat.The decision came after an ‘exhaustive study' was conducted by the ministry in cooperation with the departments concerned with a view to activating the real estate market and upgrading its performance rates within the framework of the government's plan to enhance economic diversification and attract foreign capitals.The ministry explained that the new decision coincides with the launch of investment incentivising projects in the real estate sector, as well as its related activities to achieve sustainable development.According to the state-run Oman News